USD/CAD Looking to Extend the Bearish Move Down
October 8, 2021
USD/CAD Technical Analysis
- USD/CAD is down trending
- The price broke below the consolidation zone
- Multiple signals for a short move
- D L5 camarilla level is the first target.
H1 CHART USD/CAD
- Descending trend line
- Lower lows in the chart
- A Lower high
- The zonal breakout
The price is currently breaking below the zone. 1.2545 was the breakout point just close to bearish doji candlestick. A rejection from the 1.2545-2556 zone happened after a gravestone doji pattern.The first target is the D L5 camarilla level 1.2494 followed by 1.2440 which is the Weekly L5 level. Today it’s the US NFP day but at the same time Canadian data will be released. Unemployment Rate and Employment Rate goes the same time as the NFP so scalping is possible after the reports. I do expect a drop but the final outcome is after the news.
